Naira strengthens to N1,000 against Dollar

Naira strengthens to N1,000 against Dollar By Sikiru Obarayese The value of the naira gained strength midday on Monday, opening at N1,130 to the dollar but rising to N1,000 by noon at the parallel market. This surge comes as traders anticipate another round of dollar sales to Bureau de Change (BDC) operators this week. Last […]

CBN reports 433% upsurge in remittances to $1,3bn in February

By Babajide Komolafe, Economy Editor The Central Bank of Nigeria, CBN, has reported a 433 per cent upsurge in Diaspora remittances to $1.3 billion in February from $300 million in January. Disclosing this yesterday while speaking with newsmen in Abuja, the Acting Director of Corporate Communications, CBN, Mrs Hakama Sidi Ali, said, “The Bank’s data […]

See how much some States are offering workers as new minimum wage Vs what NLC is demanding in regions of the country

See how much some States are offering workers as new minimum wage Vs what NLC is demanding in regions of the country By Oladipo Abiola Some state governments have rejected the new minimum wage demands made by the Nigeria Labour Congress (NLC), describing it as unrealistic and unsustainable. Some of the states that have rejected […]

IMF sees Naira depreciating by 35% to N2,081/$1 in official market

  By Yinka Kolawole The International Monetary Fund, IMF, has warned that the official exchange rate may further depreciate by about 35 per cent, this year, adding that this could lead to inflation rate peaking at 44 per cent before the monetary policy tightening could bring the situation under control. Naira, yesterday, traded at N1,542.58 […]

Naira drops to N2,000/1£ at parallel market

By Enioluwa Adeniyi Nigeria’s local currency, the naira, has plummeted to a new low, now trading above 2,000 naira against the Great Britain Pound in the parallel market. This was confirmed by a Bureau de Change operator in Wuse Zone 4, Malam Ibrahim, who spoke with Punch. He noted the currency’s significant depreciation amidst persistent […]

Naira falls 18% to N951.22/$ in NAFEM

By Elizabeth Adegbesan The naira yesterday depreciated to N951.22 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N951.22 per dollar from N806.73 per dollar on Tuesday, indicating 18 percent or N144.49 depreciation for the naira. Similarly, the naira depreciated to N1,172 […]

Naira falls to N927.19/$ in official market

By Elizabeth Adegbesan The naira today depreciated to N927.19 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N927.19 per dollar from N832.32 per dollar on Thursday, indicating N94.87 kobo depreciation for the naira. The market recorded an intraday high of N1160 […]

Naira appreciates in parallel market, steadies for 3 day

The naira has continued to appreciate in the parallel market in the last three days even as it maintained consistency in the official market. According to Aboki FX, the naira maintained its consistency even as it appreciated marginally against the United States dollar. For instance, while the market closed at N1140, on Monday at the […]

‘Nigeria needs strong macroeconomic indicators for stable growth’ – U.S. Deputy Treasury Secretary, Adewale ‘Wally’ Adeyemo

By Geoff Iyatse and Tobi Awodipe The United States Deputy Treasury Secretary, Adewale ‘Wally’ Adeyemo, said a stable naira and strong microeconomic outlook are critical to achieving sustainable economic growth. Adeyemo, who is the most senior official of African descent in President Joe Biden’s administration, said this yesterday during a media interaction in Lagos. Whereas […]

Why labour suspended strike after meeting Mr. Tinubu – TUC president Osifo

By Oluyemi Ogunseyin NLC and TUC led, during a protest against Subsidy removal and other issues on Wednesday. The Trade Union Congress (TUC ) president, Comrade Festus Osifo, said that the federal government has promised that plans are in place to address their grievances within the next week. Osifo made this known during an interview […]

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